ISIN DE000CR1FT30
INTRODUCTION
These Final Terms have been prepared for the purpose of Article 5 (4) of Directive 2003/71/EC
(the Prospectus Directive") as amended (which includes the amendments made by Directive
2010/73/EU (the "2010 PD Amending Directive") to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area), as implemented by the relevant provisions of the EU member states, in connection with Regulation 809/2004 of the
European Commission and must be read in conjunction with the base prospectus relating to
Unlimited Index Certificates (the "Base Prospectus") and any supplements thereto.
The Base Prospectus and any supplements thereto are published in accordance with Article 14 of Directive 2003/71/EC in electronic form on the website of Commerzbank Aktiengesellschaft at www.warrants.commerzbank.com. Hardcopies of these documents may be requested free of charge from the Issuer's head office (Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main,
Federal Republic of Germany).
In order to obtain all information necessary to the assessment of the Unlimited Index
Certificates both the Base Prospectus and these Final Terms must be read in conjunction.
All options marked in the Base Prospectus which refer (i) to Unlimited Index Certificates and
(ii) the Index underlying the Certificates shall apply.
The summary applicable for this issue of Unlimited Index Certificates is annexed to these Final
Terms.
Issuer: Commerzbank Aktiengesellschaft
BULL USDSEK X15 C Index (the " Index ") Underlying:
Information on the
Underlying:
Information on the Index underlying the Unlimited Index Certificates is available on the website www.warrants.commerzbank.com
.
Offer and Sale: Commerzbank offers from 5 June 2014 Unlimited Index Certificates relating to the BULL USDSEK X15 C Index (the " Certificates ") with an issue size of 200,000 at an initial issue price of SEK 100.00 per
Certificate.
As a rule, the investor can purchase the Certificates at a fixed issue price. This fixed issue price contains all costs incurred by the Issuer relating to the issuance and the sale of the Certificates (e.g.
Consent to the usage of the Base Prospectus and the Final Terms:
Payment Date:
Clearing number: distribution cost, structuring and hedging costs as well as the profit margin of Commerzbank).
The Issuer hereby grants consent to use the Base Prospectus and these Final Terms for the subsequent resale or final placement of the
Certificates by any financial intermediary.
The offer period within which subsequent resale or final placement of
Certificates by financial intermediaries can be made is valid only as long as the Base Prospectus and the Final Terms are valid in accordance with Article 9 of the Prospectus Directive as implemented in the relevant Member State.
The consent to use the Base Prospectus and these Final Terms is granted only in relation to the following Member State(s): the Kingdom of Sweden.
1 1 June 2014
ISIN: DE000CR1FT30
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ISIN DE000CR1FT30
Currency of the Issue:
Minimum Trading Size:
Listing:
Applicable
Special Risks:
Applicable
Terms and Conditions:
Local Code: BULL USDSEK X15 C
Swedish Kronor (“ SEK ”)
One (1) Certificate(s)
The Issuer intends to apply for the listing and trading of the Certificates on the regulated market of the Nordic Derivatives Exchange Stockholm with effect from 5 June 2014.
In particular the following risk factors (2. "Special Risks") which are mentioned in the Base Prospectus are applicable:
2.5 Dependency of the redemption and the value of the Certificates on the performance of the Index and the Currency Exchange
Rate underlying the Index (long position)
2.7 Leverage component (long position)
2.11 Financing component (Currency Exchange Rate - long position and short position)
2.21 ICS rate (Currency Exchange Rate and Currency Exchange Rate
Fxopt – long position)
2.23 Index Fee
2.25 Index
Terms and Conditions for Unlimited Index Certificates
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ISIN DE000CR1FT30
Conditions that complete and specify the Terms and Conditions
§ 1
FORM
1. The unlimited certificates (the " Certificates ") issued by Commerzbank Aktiengesellschaft,
Frankfurt am Main, Federal Republic of Germany (the " Issuer ") will be in dematerialised form and will only be evidenced by book entries in the system of Euroclear Sweden AB, Box 7822,
Regeringsgatan 65, 103 97 Stockholm, Kingdom of Sweden (" Euroclear Sweden ") for registration of securities and settlement of securities transactions (the " Clearing System ") in accordance with Chapter 4 of the Swedish Financial Instruments Accounts Act (Sw. lag
(1998:1479) om kontoföring av finansiella instrument ) to the effect that there will be no certificated securities.
2. Registration requests relating to the Certificates shall be directed to an account operating institute.
3. Transfers of Certificates and other registration measures shall be made in accordance with the
Swedish Financial Instruments Accounts Act (1998:1479), the regulations, rules and operating procedures applicable to and/or issued by Euroclear Sweden. The Issuer is entitled to receive from Euroclear Sweden, at its request, a transcript of the register for the Certificates.
4. The Issuer reserves the right to issue from time to time without the consent of the
Certificateholders additional tranches of Certificates with substantially identical terms, so that the same shall be consolidated to form a single series and increase the total volume of the
Certificates. The term " Certificates " shall, in the event of such consolidation, also comprise such additionally issued Certificates.
" Certificateholder " means any person that is registered in a book-entry account managed by the account operator as holder of a Certificate. For nominee registered Certificates the authorised custodial nominee account holder shall be considered to be the Certificateholder.
§ 2
DEFINITIONS
" Index " means the BULL USDSEK X15 C Index. The index concept is detailed in the index description which is attached to these Terms and Conditions (the " Index Description ").
" Launch Date " means 5 June 2014.
" Market Disruption Event " means (i) a suspension or limitation of trading in the currency exchange rate contained in the Index on the International Interbank Spot Market or the trading system the prices of which are used for determining the Index, or the non-determination of (ii) the USD overnight London InterBank Offered Rate (USD-LIBOR O/N) by the British Bankers’ Association or (iii) the Stockholm Interbank Offered Rate (Tomorrow/Next) (STIBOR T/N) by the Swedish
Bankers’ Association, provided that any such suspension or limitation or non-determination is material. The decision whether a suspension or limitation or non-determination is material will be made by the Issuer in its reasonable discretion ( billiges Ermessen , § 315 German Civil Code
( BGB )). The occurrence of a Market Disruption Event shall be published in accordance with
§ 11.
A limitation regarding the office hours or the number of days of trading will not constitute a
Market Disruption Event if it results from an announced change in the regular business hours of the relevant exchange. A limitation on trading imposed during the course of a day by reason of movements in price exceeding permitted limits shall only be deemed to be a Market Disruption
Event in the case that such limitation is still prevailing at the time of termination of the trading hours on such date.
" Maturity Date " means the tenth Payment Business Day after the Valuation Date.
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ISIN DE000CR1FT30
" Payment Business Day " means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in Stockholm and Frankfurt am
Main and on which the Clearing System settles payments in SEK.
" Ratio " shall be 1.0.
" Redemption Date " means – subject to § 3 paragraph 3 – any last Payment Business Day in the months of March, June, September and December of each year the first being in June 2014.
" SEK " means Swedish Krona.
" USD " means United States Dollar.
" Valuation Date "
§ 3
MATURITY
1. Subject to the provisions contained in § 4, each Certificateholder has the right to request from the Issuer, with effect as of a Redemption Date and in accordance with the following paragraphs, payment of the Redemption Amount on the Maturity Date.
2. Each Certificate is redeemed by payment of an amount in SEK (SEK 0.005 will be rounded up)
(the " Redemption Amount ") which shall be equal to the product of (i) the Reference Price of the Index on the Valuation Date and (ii) the Ratio.
For the purposes of calculations made in connection with these Terms and Conditions, each one point of the Index level shall be equal to SEK 1.00.
§ 4
ORDINARY TERMINATION BY THE ISSUER; REPURCHASE
Paragraphs 1 and 2:
1. The Issuer shall be entitled, in each case with effect as of the last Payment Business Day of each month, for the first time with effect as of July 2014 (each an " Ordinary Termination
Date "), to ordinarily terminate the Certificates in whole but not in part (" Ordinary Termination ").
2. Any such Ordinary Termination must be announced at least 28 days prior to the Ordinary
Termination Date in accordance with § 11. Such announcement shall be irrevocable and must state the Ordinary Termination Date.
§ 6
EXTRAORDINARY ADJUSTMENTS;
EXTRAORDINARY TERMINATION RIGHT OF THE ISSUER
1. The Issuer is entitled to appoint in its reasonable discretion ( billiges Ermessen , § 315 German
Civil Code (BGB) ) another person, company or institution as the new Index Calculation Agent
(the " Successor Index Calculation Agent "). Such appointment shall be notified pursuant to
§ 11. The Redemption Amount will be determined on the basis of the Index being calculated and published by the Successor Index Calculation Agent and any reference made to the Index
Calculation Agent in these Terms and Conditions shall, if the context so admits then refers to the Successor Index Calculation Agent.
2. If the Index is cancelled or replaced, the Issuer will determine in its reasonable discretion
( billiges Ermessen , § 315 German Civil Code ( BGB )) another index on the basis of which the
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ISIN DE000CR1FT30
Redemption Amount will be determined (the " Successor Index "). The respective Successor
Index as well as the time of its first application will be notified pursuant to § 11. Any reference made to the Index in these Terms and Conditions shall, if the context so admits then refer to the
Successor Index. All related definitions shall be deemed to be amended accordingly.
Furthermore, the Issuer will make all necessary adjustments to the Terms and Conditions resulting from a substitution of the Index.
3. If (i) in the case of paragraph 1 in the reasonable discretion of the Issuer (billiges Ermessen ,
§ 315 German Civil Code ( BGB )) the Successor Index Calculation Agent is not qualified or (ii) the determination of a Successor Index in accordance with paragraph 2 is not possible or is unreasonable ( unzumutbar ) or (ii) if the Successor Index Calculation Agent materially modifies the calculation method of the Index with effect on or after the first issue date of the Certificates, or materially modifies the Index in any other way (except for modifications which are contemplated in the calculation method of the Index relating to a change with respect to the
Index components, the market capitalisation or with respect to any other routine measures), then the Issuer is entitled to (a) continue the calculation and publication of the Index on the basis of the former concept of the Index and its last determined level or (b) terminate the
Certificates extraordinarily with respect to an Index Calculation Day (the " Extraordinary
Termination Date ") with a prior notice of seven Payment Business Days in accordance with
§ 11. Any termination in part shall be excluded.
The Issuer may also terminate the Certificates if the Issuer and/or its affiliates (in the meaning of
§ 1 paragraph 7 German Banking Act ( KWG ), § 290 paragraph 2 German Commercial Law
( HGB )) are, even following economically reasonable efforts, not in the position (i) to enter, reenter, replace, maintain, liquidate, acquire or dispose of any transactions or investments that the
Issuer considers necessary to hedge its risks resulting from the assumption and performance of its obligations under the Certificates or (ii) to realize, regain or transfer the proceeds resulting from such transactions or investments.
4. In the case of a termination of the Certificates pursuant to paragraph 3 the Certificates shall be redeemed on the Extraordinary Termination Date at the extraordinary termination amount (the
" Extraordinary Termination Amount ") which shall be calculated by the Issuer in its reasonable discretion ( billiges Ermessen , § 315 German Civil Code ( BGB ) by taking into account applicable market conditions and any proceeds realised by the Issuer in connection with transactions concluded by it in its reasonable discretion ( billiges Ermessen , § 315 German Civil Code ( BGB )) for hedging measures in relation to the assumption and fulfilment of its obligations under the
Certificates (the " Hedging Transactions "). Expenses for transactions that were required for winding up the Hedging Transactions will be taken into account as deductible items.
The Issuer shall pay the Termination Amount to the Certificateholder not later than on the tenth
Payment Business Day following the Termination Date.
§ 9
PAYING AGENT
Paragraph 1:
1.
Skandinaviska Enskilda Banken AB (publ), a banking institution incorporated under the laws of
Sweden, whose corporate seat and registered office is at Kungsträdgårdsgatan 8, SE-106 40
Stockholm, Sweden, acting through its division SEB Merchant Banking, Securities Services, shall be the paying agent (the " Paying Agent ").
§ 10
SUBSTITUTION OF THE ISSUER
Paragraph 2 e: applicable
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§ 13
FINAL CLAUSES
Paragraph 1:
1. The Certificates and the rights and duties of the Certificateholders, the Issuer, the Paying Agent and the Guarantor (if any) shall in all respects be governed by the laws of the Federal Republic of Germany except § 1 paragraph 1 – 3 of the Terms and Conditions which shall be governed by the laws of the Kingdom of Sweden.
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ISIN DE000CR1FT30
INDEX DESCRIPTION
BULL USDSEK X15 C Index
The BULL USDSEK X15 C Index (the " Index ") relating to the USD/SEK, which is referred to as the
Exchange Rate in "2. Index Definitions", is a strategy index that participates in the movements of the
Exchange Rate and that is composed of a leverage and a financing component.
The leverage component reflects the fifteen-fold purchase of the Exchange Rate (USD long position and SEK short position) in the Index. This means that a rise in the Exchange Rate Price between two consecutive Official Index Closing Levels will result in a fifteen-fold increase in percentage terms in the leverage component on a daily basis and vice versa. This leverage effect will have a disproportionately high effect on the Index, both in the case of positive as well as negative price movements of the
Exchange Rate.
The financing component results from the costs for borrowing SEK at an overnight rate (STIBOR T/N), increased by a per annum rate (ICS) that takes into account the actual financing costs of the Index
Calculation Agent. On the other hand, the long position in USD is invested in a money market instrument (USD-LIBOR O/N). If, on any day, the costs for borrowing plus the actual financing costs
(ICS), in addition to the Index Fees exceed the interest income for that day, losses will be incurred instead of interest gains. In this case, the financing component would be negative and it would reduce the value of the Index on this day.
The Index will be continually updated on each Index Calculation from 8:00 am until 10:00 pm Frankfurt
Time by the Index Calculation Agent; this means that the Index will be re-calculated upon each change in the Exchange Rate. The Index Calculation Agent will charge an annual Index Fee of 0.50% p.a., which will be deducted daily (based on a year comprising 360 days) during the calculation of the
Index.
The described Index is not a recognised financial index, but rather a customised strategy index that is calculated by Commerzbank.
" Banking Day " shall be a day on which the banks in Frankfurt am Main are open for general banking transactions.
" Exchange Rate" is the USD/SEK exchange rate which is traded at the International Interbank Spot
Market and denoted in SEK for USD 1.00.
" Exchange Rate Price " shall be the price of the Exchange Rate at any time during the trading hours on the International Interbank Spot Market .
" ICS " : The ICS is to take account of the fact that the actual financing costs incurred by the Index
Calculation Agent, which result from the borrowing of SEK, may exceed the borrowing costs at the STIBOR T/N rate.
The Index Calculation Agent is entitled to adjust the ICS rate on each ICS Adjustment Date in its reasonable discretion ( billiges Ermessen , § 315 German Civil Code ( BGB )) in such a way that it takes the current market conditions into account and apply the adjusted rate from that time onwards. Any such adjustment shall be published as described in “4. Index Publication”.
The initial ICS rate shall be 0.30% p.a. (on the basis of a year comprising 360 days).
The " ICS Adjustment Date " shall be the last Index Calculation Day in each month.
The " Index Calculation Agent " and " Index Sponsor ", respectively, mean Commerzbank AG.
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ISIN DE000CR1FT30
The " Index Calculation Day " shall be any Banking Day on which a price can be determined for the
Exchange Rate and on which a relevant USD-LIBOR O/N rate and a STIBOR T/N rate have both been determined.
The " Index Commencement Date " means the Launch Date of the Certificate which relates to this
Index.
The " Initial Index Level " shall be 100 index points.
The "Official Index Closing Level" shall be determined by the Index Calculation Agent for each
Index Calculation Day in accordance with the index calculation formula (see clause 3 Index
Calculation) based on the Reference Price of the Exchange Rate and the fixing of the USD-
LIBOR O/N rate and STIBOR T/N rate. If for the determination of the Reference Price there is no tradable ask and/or bid price determined on the International Interbank Spot Market on an Index
Calculation Day after 5:00 pm Frankfurt Time, the Official Index Closing Level on this Index
Calculation Date will be the latest calculated Index level.
"Reference Price" with respect to an Index Calculation Day is the first ask price of the Exchange
Rate observed after 5:00 pm Frankfurt Time on the International Interbank Spot Market , if the
Exchange Rate Price as determined by the Index Calculation Agent at this time is greater than or equal to the Reference Price of the Exchange Rate at the immediately preceding Index
Calculation Day. If the first determined Exchange Rate Price after 5:00 pm Frankfurt Time is below the Reference Price of the Exchange Rate at the immediately preceding Index
Calculation Day, the Reference Price of the Exchange Rate of the current Index Calculation Day is the first bid price of the Exchange Rate determined after 5:00 pm Frankfurt Time.
"STIBOR T/N" stands for Stockholm Interbank Offered Rate (Tomorrow/Next), the one-day interest rate banks pay when borrowing money from one another. STIBOR Fixing is the average (with the exception of the highest and lowest quotes) of the interest rates listed at 11:05 am
Stockholm time each day.
"USD-LIBOR O/N" stands for USD overnight London InterBank Offered Rate, the one-day USD rate at which an individual Contributor Panel bank could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size, just prior to 11:00 London time.
USD-LIBOR O/N is compiled by the BBA (British Bankers’ Association) in conjunction with
Thomson Reuters and released to the market shortly after 11:00 am London time each day.
3. Index Calculation Method
From the time at which the first Price of the Exchange Rate is determined on the Index
Commencement Date, the Index Calculation Agent shall calculate the level (price) of the Index on each Index Calculation Day. In that context, 1 index point corresponds to SEK 1.00. Calculation takes place on the basis of the following formula:
t
T
1 4 4 4 4 4 4 4 4 4 2 4
4 4
LEVERAGE COMPONENT t
4
4
(
4 4 4 4
)
1
3
T
1 4 4
(
4 4 4 4
1
) (
2
T
t
)
1
T
4 4 4 4 4 4 4 4 4 4 4 4 4 4
FINANCING
2 4 4 4 4 4 4 4 4 4 4
COMPNENT
4 t
T 4 4 4
= Index level at the calculation time t
t
T
= the Official Index Closing Level as determined on the Index
Calculation Day immediately preceding the current Index
Calculation Day
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ISIN DE000CR1FT30
Factor
1
T
2
T
t
Days
= 15
= the USD-LIBOR O/N rate as determined and published on the
Index Calculation Day immediately preceding the current Index
Calculation Day
= the STIBOR T/N rate as determined and published on the Index
Calculation Day immediately preceding the current Index
Calculation Day
= the ICS rate applicable at the calculation time t
= The Index Fee is the index fee stated in clause 6
= number of calendar days between two Index Calculation Days
= number of days within the year (360)
The Index will be continually calculated on each Index Calculation Day, rounded to two decimal places and published on the Issuer’s website ( www.warrants.commerzbank.com
).
5. Extraordinary Index Adjustment
Exchange Rate t
0.94 x Exchange Rate
T
If the Exchange Rate, at a calculation time t, falls by more than 6 percent as compared to the last
Reference Price of the Exchange Rate on the International Interbank Spot Market , an Index
Adjustment shall take place during that day by simulating a new day. t = T (i.e. new Exchange Rate
T
= old Exchange Rate
T
x 0.94 and Index
T
= Index t
) d = 0
At the time of adjustment, the immediately preceding Reference Price of the Exchange Rate
(Exchange Rate
T
), multiplied by 0.94 shall be used as the Exchange Rate t
for the calculation of the
Index t
. The financing component shall remain unchanged. No additional interest or costs shall be charged for the new day.
The Index Fee will be levied on each calendar day, starting on the Index Commencement Date, and will be calculated as the product of 0.50% per annum (on the basis of a year comprising 360 days) and the relevant Official Index Closing Level, i.e. 0.001389% (=0.001389% / 360) of the Index level per calendar day. If a calendar day is not an Index Calculation Day, the last calculated Official Index
Closing Level will be used.
7. Changes to the Calculation of the Index
The Index Calculation Agent determines the Initial Index Level and the Index Calculation Method.
Although the Index Calculation Agent intends to apply the Index Calculation Method from the Index
Commencement Date onwards, it cannot be ruled out that tax, regulatory, statutory, economic or other circumstances might apply that, in the opinion of the Index Calculation Agent, will necessitate changes with regard to the Index Calculation Method. In that case, the Index Calculation Agent may deviate from, or perform changes to, the Index Calculation Method. Any deviations from the Index Calculation
Method are subject to the proviso that the general concept and, thus, the strategy pursued by the
Index in particular are maintained. In the event of a change to the calculation method as detailed in the
Index Calculation Method, the Index Calculation Agent will publish the relevant change in accordance with clause 4.
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Country(ies) where the offer takes place:
Country(ies) where admission to trading on the regulated market(s) is being sought:
Additional Provisions:
ADDITIONAL INFORMATION
Kingdom of Sweden
Kingdom of Sweden
Limitation of Euroclear Sweden’s liability
Euroclear Sweden shall not be held responsible for any loss or damage resulting from any legal enactment (domestic or foreign), the intervention of a public authority (domestic or foreign), an act of war, strike, blockade, boycott, lockout or any other similar event or circumstance. The reservation in respect of strikes, blockades, boycotts and lockouts shall also apply if
Euroclear Sweden itself takes such measures or becomes the subject of such measures. Under no circumstances shall
Euroclear Sweden be liable to pay compensation for any loss, damage, liability, cost, claim, action or demand unless Euroclear
Sweden has been negligent, or guilty of bad faith, or has breached the terms of any agency agreement, nor shall under no circumstances Euroclear Sweden be liable for loss of profit, indirect loss or damage or consequential loss or damage, unless such liability of Euroclear Sweden is prescribed pursuant to the
Swedish Financial Instruments Accounts Act ( Sw.
lag
(1998:1479)) . Where Euroclear Sweden, due to any legal enactment (domestic or foreign), the intervention of a public authority (domestic or foreign), an act of war, strike, blockade, boycott, lockout or any other similar event or circumstance, is prevented from effecting payment, such payment may be postponed until the time the event or circumstance impeding payment has ceased, with no obligation to pay penalty interest.
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ISIN DE000CR1FT30
Summaries are made up of disclosure requirements known as ‘Elements’. These elements are numbered in Sections A – E (A.1 – E.7).
This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. There may be gaps in the numbering sequence of the Elements in cases where
Elements are not required to be addressed.
Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of ‘- not applicable -’. Certain provisions of this summary are in brackets. Such information will be completed or, where not relevant, deleted, in relation to a particular issue of securities, and the completed summary in relation to such issue of securities shall be appended to the relevant final terms.
Element
Disclosure requirement
A.1 Warnings
A.2
Consent to the use of the
Prospectus
This summary should be read as an introduction to the base prospectus (the " Base Prospectus ") and the relevant Final Terms.
Investors should base any decision to invest in the securities issued under the Base Prospectus (the " Certificates ") in consideration of the Base Prospectus as a whole and the relevant Final Terms.
Where a claim relating to information contained in the Base
Prospectus is brought before a court in a member state of the
European Economic Area, the plaintiff investor may, under the national legislation of such member state, be required to bear the costs for the translation of the Base Prospectus and the Final Terms before the legal proceedings are initiated.
Civil liability attaches only to those persons, who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, all necessary key information.
The Issuer hereby grants consent to use the Base Prospectus and the Final Terms for the subsequent resale or final placement of the
Certificates by any financial intermediary.
The offer period within which subsequent resale or final placement of Certificates by financial intermediaries can be made is valid only as long as the Base Prospectus and the Final Terms are valid in accordance with Article 9 of the Prospectus Directive as implemented in the relevant Member State.
The consent to use the Base Prospectus and the Final Terms is granted only in relation to the following Member State(s): Kingdom of
Sweden.
The consent to use the Base Prospectus including any supplements as well as any corresponding Final Terms is subject to the condition that (i) this Base Prospectus and the respective Final Terms are delivered to potential investors only together with any supplements published before such delivery and (ii) when using the Base
Prospectus and the respective Final Terms, each financial
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ISIN DE000CR1FT30 intermediary must make certain that it complies with all applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a financial intermediary, this financial intermediary will provide information to investors on the terms and conditions of the offer at the time of that offer.
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B.2
Disclosure requirement
Element
Commercial
Name of the
Issuer
Domicile / Legal
Form /
Legislation /
Country of
Incorporation
The legal name of the Bank is COMMERZBANK Aktiengesellschaft
(the " Issuer ", the " Bank " or " Commerzbank ", together with its consolidated subsidiaries " Commerzbank Group " or the " Group ") and the commercial name of the Bank is COMMERZBANK.
The Bank's registered office is in Frankfurt am Main and its head office is at Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main,
Federal Republic of Germany.
COMMERZBANK is a stock corporation established under German law in the Federal Republic of Germany. affecting the
Issuer and the industries in which it operates
Structure or estimates eurozone in particular have put a very significant strain on the net assets, financial position and results of operations of the Group in the past, and it can be assumed that further materially adverse effects for the Group can also result in the future, in particular in the event of a renewed escalation of the crisis.
Group. COMMERZBANK Group holds directly and indirectly equity participations in various companies.
The Issuer currently does not make profit forecasts or estimates. the auditors' report on the historical financial information
Unqualified auditors' reports have been issued on the historical financial information contained in this Base Prospectus. key The following table shows an overview of the balance sheet and financial information,Pro spects of the income statement of COMMERZBANK Group which has been extracted from the respective audited consolidated financial statements prepared in accordance with IFRS as of 31 December
2012 and 2013: Issuer,
Significant changes in the financial position
Balance sheet
Assets (€m)
Cash reserve ....................................
31 December
2012
*)
15,755
31 December
2013
12,397
Claims on banks ...............................
88,028 87,545
278,546 245,963 Claims on customers ........................
Value adjustment portfolio fair value hedges ..................................
Positive fair value of derivative hedging instruments .......................
Trading assets ..................................
Financial investments .......................
Holdings in companies accounted for using the equity method ............
Intangible assets...............................
Fixed assets......................................
Investment properties .......................
202 74
6,057 3,641
144,144 103,616
89,142 82,051
744 719
3,051 3,207
1,372
637
1,768
638
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Income Statement
(€m)
Net interest income.........
Loan loss provisions ......
Net interest income after loan loss provisions .....................
Net commission income ..........................
Net trading income and net trading from hedge accounting .........
Net investment income ...
Current net income from companies accounted for using the equity method .........
Other net income ............
Operating expenses........
Restructuring expenses ......................
Net gain or loss from sale of disposal of groups...........................
Pre-tax profit or loss .....
Taxes on income
Consolidated profit or loss ..............................
Non-current assets and disposal groups held for sale........................
Current tax assets ............................
Deferred tax assets ..........................
Other assets .....................................
Total .................................................
757 1,166
790 844
3,227
3,571
3,096
2,936
636,023 549,661
*) Figures restated due to the first-time application of the amended IAS 19 and hedge accounting restatement.
Liabilities and equity (€m)
Liabilities to banks .............................
Liabilities to customers ......................
Securitised liabilities ..........................
Value adjustment portfolio fair value hedges.............................................
Negative fair values of derivative hedging instruments ............................
Trading liabilities ................................
Provisions ..........................................
Current tax liabilities ..........................
Deferred tax liabilities ........................
Liabilities from disposal groups held for sale.............................................
Other liabilities ...................................
Subordinated capital ..........................
Equity.................................................
Total ..................................................
110,242
265,905
79,357
77,694
276,486
64,670
1,467 714
11,739 7,655
116,111 71,010
4,099 3,877
324 245
91 83
2
6,523
13,913
26,250
636,023
24
6,553
13,714
26,936
549,661
*)
After combination of the balance sheet items subordinated capital and hybrid capital into the balance sheet item subordinated debt instruments and after restatement due to the first-time application of the amended IAS 19 and hedge accounting restatement.
January – December
2012
*)
6,487
-1,660
4,827 4,401
3,249 3,215
73 -82
81
2013
6,148
-1,747
17
46 60
-77
7,029
-89
6,797
43 493
-268 ---
859 232
803 65
56 167
- 15 -

ISIN DE000CR1FT30
*) Prior-year figures restated due to the first-time application of the amended IAS 19, the hedge accounting restatement and other disclosure changes.
There has been no material adverse change in the prospects of
COMMERZBANK Group since 31 December 2013.
Since 31 December 2013 no significant changes in the financial position of COMMERZBANK Group have occurred. which are to a material extent relevant to the
Issuer's
There are no recent events particular to the Issuer which is to a material extent relevant to the evaluation of the Issuer's solvency. solvency
B.14 Dependence - not applicable - the Issuer upon
As stated under element B.5, COMMERZBANK is the parent company of COMMERZBANK Group. other entities within the group
B.15 Issuer’s principal activities, principal markets
The focus of the activities of COMMERZBANK Group is on the provision of a wide range of financial services to private, small and medium-sized corporate and institutional customers in Germany, including account administration, payment transactions, lending, savings and investment products, securities services, and capital
B.16 Controlling parties market and investment banking products and services. As part of its comprehensive financial services strategy, the Group also offers other financial services in association with cooperation partners, particularly building savings loans, asset management and insurance. The Group is continuing to expand its position as one of the most important German export financiers. Alongside its business in Germany, the Group is also active through its subsidiaries, branches and investments, particularly in Europe.
COMMERZBANK Group is divided into five operating segments -
Private Customers, Mittelstandsbank, Central & Eastern Europe,
Corporates & Markets and Non Core Assets (NCA) as well as
Others and Consolidation. The Private Customers, Mittelstandsbank,
Central & Eastern Europe and Corporates & Markets segments form
COMMERZBANK Group's core bank together with Others and
Consolidation.
- not applicable -
COMMERZBANK has not submitted its management to any other company or person, for example on the basis of a domination agreement, nor is it controlled by any other company or any other person within the meaning of the German Securities Acquisition and
Takeover Act ( Wertpapiererwerbs- und Übernahmegesetz ).
- 16 -

ISIN DE000CR1FT30
Disclosure requirement
C.1
Element
Type and class of the securities
/ Security identification number
C.2 Currency of the securities
Type/Form of Securities
Unlimited certificates relating to an Index (the " Certificates " or
" Unlimited Index Certificates ")
The Certificates are issued in dematerialised form.
Security Identification number(s) of Securities
ISIN: DE000CR1FT30
Local Code: BULL USDSEK X15 C
The Certificates are issued in Swedish Kronor (“ SEK ”). the free selling restrictions, the applicable law and the rules and regulations transferability of the securities of the Clearing System. attached to the securities
(including ranking of the
Securities and limitations to those rights)
The Unlimited Index Certificates will grant the investor the right to request from the Issuer at specific Redemption Dates the payment of a Redemption Amount per Certificate corresponding to the
Reference Price of the underlying Index on the respective Valuation
Date and multiplied by the Ratio.
The Issuer is entitled, in each with effect as of an Ordinary
Termination Date, to ordinarily terminate the Certificates.
Adjustments and Early Termination
Subject to particular circumstances, the Issuer may be entitled to perform certain adjustments. Apart from this, the Issuer may be entitled to terminate the Certificates prematurely if a particular event occurs.
Ranking of the Securities
The obligations under the Certificates constitute direct, unconditional and unsecured ( nicht dinglich besichert ) obligations of the Issuer and, unless otherwise provided by applicable law, rank at least pari passu with all other unsubordinated and unsecured ( nicht dinglich besichert ) obligations of the Issuer. trading on a regulated market or equivalent market
Underlying on regulated market of the Nordic Derivatives Exchange Stockholm with effect from 5 June 2014. depend upon the Reference Price of the Underlying on the Valuation
- 17 -

ISIN DE000CR1FT30 the value of the securities:
Date. A higher Reference Price of the Index on the Valuation Date will result in a corresponding higher Redemption Amount of the
Certificates and vice versa.
In detail:
The Redemption Amount will be equal to the product of the
Reference Price of the Underlying on the Valuation Date and the
Ratio.
For the purposes of calculations made in connection with these
Terms and Conditions, each one index point of the Underlying shall be equal to SEK 1.00.
The Index will be calculated and published by Commerzbank in its capacity as Index Calculation Agent. The Index is a strategy index that is composed of a leverage and a financing component and participates in the movements of the Currency Exchange Rate underlying the Index.
The leverage component in the Index reflects a purchase (Base
Currency long position and Counter Currency short position) of an amount of the Currency Exchange Rate equal to the applicable factor. This means that on a daily basis a rise in the Currency
Exchange Rate will result in an increase of the leverage component equal to the percentage increase of the Currency Exchange Rate multiplied by the applicable factor (the same applies in the case of a decrease of the Currency Exchange Rate).
The financing component results from the costs for borrowing money in the Counter Currency at an overnight rate, increased by a per annum rate (ICS) that takes into account the actual financing costs of the Index Calculation Agent. On the other hand, the long position in the Base Currency is invested in a money market instrument. If, on any day, the costs for borrowing plus the actual financing costs
(ICS), inaddition to the Index Fees exceed the interest income for that day, losses will be incurred instead of interest gains.
Date the settlement procedure for the securities
C.18 Delivery procedure accordance with applicable local market practice via the Clearing
System.
All amounts payable under the Certificates shall be paid to the
Paying Agent for transfer to the Clearing System or pursuant to the
Clearing System's instruction for credit to the relevant accountholders on the dates stated in the applicable terms and conditions. Payment to the Clearing System or pursuant to the
Clearing System's instruction shall release the Issuer from its payment obligations under the Certificates in the amount of such payment.
If any payment with respect to a Certificate is to be effected on a day other than a Payment Business Day, payment shall be effected on the next following Payment Business Day. In this case, the relevant Certificateholder shall neither be entitled to any payment claim nor to any interest claim or other compensation with respect to such delay.
- 18 -

C.20
ISIN DE000CR1FT30
Price of the
Underlying
Type of the underlying and details, where information on the underlying can be obtained
Index Sponsor on an Index Calculation Day (Official Index Closing
Level).
The asset underlying the Certificates is the BULL USDSEK X15 C
Index (the " Underlying ").
Information on the Underlying is available on the website www.warrants.commerzbank.com
.
- 19 -

ISIN DE000CR1FT30
The purchase of Certificates is associated with certain risks. The Issuer expressly points out that the description of the risks associated with an investment in the Certificates describes only the major risks which were known to the Issuer at the date of the Base Prospectus.
Disclosure requirement
D.2
Element
Key risks specific to the Issuer
The Certificates entails an issuer risk, also referred to as debtor risk or credit risk for prospective investors. An issuer risk is the risk that
COMMERZBANK becomes temporarily or permanently unable to meet its obligations to pay interest and/or the redemption amount.
Furthermore, COMMERZBANK is subject to various risks within its business activities. Such risks comprise in particular the following types of risks:
Global Financial Market Crisis and Sovereign Debt Crisis
The global financial crisis and sovereign debt crisis, particularly in the eurozone, have had a significant material adverse effect on the
Group's net assets, financial position and results of operations.
There can be no assurance that the Group will not suffer further material adverse effects in the future, particularly in the event of a renewed escalation of the crisis. Any further escalation of the crisis within the European Monetary Union may have material adverse effects on the Group, which, under certain circumstances, may even threaten the Group's existence. The Group holds substantial volumes of sovereign debt. Impairments and revaluations of such sovereign debt to lower fair values have had material adverse effects on the Group's net assets, financial position and results of operations in the past, and may have further adverse effects in the future.
Macroeconomic Environment
The macroeconomic environment prevailing over the past few years continues to negatively affect the Group's results, and the Group's heavy dependence on the economic environment, particularly in
Germany, may result in further substantial negative effects in the event of a possible renewed economic downturn.
Counterparty Default Risk
The Group is exposed to default risk (credit risk), including in respect of large individual commitments, large loans and commitments, concentrated in individual sectors, referred to as "cluster" risk, as well as loans to debtors that may be particularly affected by the sovereign debt crisis. The run-down of the ship finance portfolio and the Commercial Real Estate finance portfolio is exposed to considerable risks in view of the current difficult market environment and the volatility of ship prices and real estate prices and the default risk (credit risk) affected thereby, as well as the risk of substantial changes in the value of ships held as collateral directly owned, directly owned real estate and private and commercial real estate held as collateral. The Group has a substantial number of nonperforming loans in its portfolio and these defaults may not be sufficiently covered by collateral or by write-downs and provisions previously taken.
- 20 -

ISIN DE000CR1FT30
Market Price Risks
The Group is exposed to market price risks in the valuation of equities and investment fund units as well as in the form of interest rate risks, credit spread risks, currency risks, volatility and correlation risks, commodity price risks.
Strategic Risks
There is a risk that the Group may not be able to implement its strategic agenda or may be able to do so only in part or at higher costs than planned, and that the implementation of planned measures may not lead to the achievement of the strategic objectives sought to be obtained.
Risks from the Competitive Environment
The markets in which the Group is active, particularly the German market (and, in particular, the private and corporate customer business and investment banking activities) and the Polish market, are characterized by intense competition on price and on transaction terms, which results in considerable pressure on margins.
Liquidity Risks
The Group is dependent on the regular supply of liquidity and a market-wide or company-specific liquidity shortage can have material adverse effects on the Group's net assets, financial position and results of operations. Currently, the liquidity supply of banks and other players in the financial markets is strongly dependent on expansive measures of the central banks.
Operational Risks
The Group is exposed to a large number of operational risks including the risk that employees will enter into excessive risks on behalf of the Group or violate compliance-relevant regulations in connection with the conduct of business activities and thereby cause considerable losses to appear suddenly, which may also lead indirectly to an increase in regulatory capital requirements.
Risks from Equity Participations
COMMERZBANK is exposed to particular risks in respect of the value and management of equity investments in listed and unlisted companies. It is possible that the goodwill reported in the Group's consolidated financial statements will have to be fully or partly written down as a result of impairment tests.
Risks from Bank-Specific Regulation
Ever stricter regulatory capital and liquidity standards and procedural and reporting requirements may call into question the business model of a number of the Group's activities, adversely affect the
Group's competitive position, or make the raising of additional equity capital necessary. Other regulatory reforms proposed in the wake of the financial crisis, for example, requirements such as the bank levy, a possible financial transaction tax, the separation of proprietary trading from the deposit-taking business, or stricter disclosure and organizational obligations may materially influence the Group's business model and competitive environment.
- 21 -

D.6
ISIN DE000CR1FT30
Key information on the key risks that are specific to the securities
Legal Risks
Legal disputes may arise in connection with COMMERZBANK's business activities, the outcomes of which are uncertain and which entail risks for the Group. For example, claims for damages on the grounds of flawed investment advice have led to substantial liabilities for the Group and may also lead to further substantial liabilities for the Group in the future. Payments and restoration of value claims have been asserted against COMMERZBANK and its subsidiaries, in some cases also in court, in connection with profit participation certificates and trust preferred securities they have issued. The outcome of such proceedings may have material adverse effects on the Group that go beyond the claims asserted in each case. Regulatory, supervisory and judicial proceedings may have a material adverse effect on the Group. Proceedings brought by regulators, supervisory authorities and prosecutors may have material adverse effects on the Group.
No secondary market immediately prior to the final exercise
The market maker and/or the exchange will cease trading in the
Certificates no later than shortly before their scheduled Maturity
Date. However, between the last trading day and the Valuation
Date, the price of the Underlying which is relevant for the Certificates may still change. This may be to the investor’s disadvantage.
No Collateralization
The Certificates constitute unconditional obligations of the Issuer.
They are neither secured by the Deposit Protection Fund of the
Association of German Banks ( Einlagensicherungsfonds des
Bundesverbandes deutscher Banken e.V.
) nor by the German
Deposit Guarantee and Investor Compensation Act
( Einlagensicherungs- und Anlegerentschädigungsgesetz ). This means that the investor bears the risk that the Issuer can not or only partially fulfil the attainments due under the Certificates. Under these circumstances, a total loss of the investor's capital might be possible.
This means that the investor bears the risk that the Issuer's financial situation may worsen - and that the Issuer may be subjected to a reorganisation proceeding ( Reorganisationsverfahren ) or transfer order ( Übertragungsanordnung ) under German bank restructuring law or that insolvency proceedings might be instituted with regard to its assets - and therefore attainments due under the Certificates can not or only partially be done. Under these circumstances, a total loss of the investor's capital might be possible.
Foreign Account Tax Compliance withholding may affect payments on Certificates
The Issuer and other financial institutions through which payments on the Certificates are made may be required to withhold at a rate of up to 30% on payments made after December 31, 2016 in respect of any Certificates which are issued or materially modified after
December 31, 2013, pursuant to Sections 1471 to 1474 of the U.S.
Internal Revenue Code, commonly referred to as " FATCA" (Foreign
Account Tax Compliance Act). A withholding obligation may also exist – irrespective of the date of issuance – if the Certificates are to be treated as equity instruments according to U.S. tax law. The
FATCA regulations outlined above are not yet final. Investors in
- 22 -

ISIN DE000CR1FT30 the Certificates should therefore be aware of the fact that payments under the Certificates may, under certain circumstances, be subject to U.S. withholding, which may lower the economic result of the Certificates.
Impact of a downgrading of the credit rating
The value of the Certificates could be affected by the ratings given to the Issuer by rating agencies. Any downgrading of the Issuer’s rating by even one of these rating agencies could result in a reduction in the value of the Certificates.
Termination, early redemption and adjustment rights
The Issuer shall be entitled to perform adjustments with regard to the Terms and Conditions or to terminate and redeem the
Certificates prematurely if certain conditions are met. This may have a negative effect on the value of the Certificates as well as the
Termination Amount. If the Certificates are terminated, the amount payable to the holders of the Certificates in the event of the termination of the Certificates may be lower than the amount the holders of the Certificates would have received without such termination.
Market disruption event
The Issuer is entitled to determine market disruption events that might result in a postponement of a calculation and/or of any attainments under the Certificates and that might affect the value of the Certificates. In addition, in certain cases stipulated, the Issuer may estimate certain prices that are relevant with regard to attainments or the reaching of barriers. These estimates may deviate from their actual value.
Substitution of the Issuer
If the conditions set out in the Terms and Conditions are met, the
Issuer is entitled at any time, without the consent of the holders of the Certificates, to appoint another company as the new Issuer with regard to all obligations arising out of or in connection with the
Certificates in its place. In that case, the holder of the Certificates will generally also assume the insolvency risk with regard to the new
Issuer.
Risk factors relating to the Underlying
The Certificates depend on the value of the Underlying and the risk associated with this Underlying. The value of the Underlying depends upon a number of factors (especially the price movements of the Index Underlying (i.e. Share, Futures Contract or Currency
Exchange Rate) that may be interconnected. These may include economic, financial and political events beyond the Issuer's control.
The past performance of an Underlying or an index component should not be regarded as an indicator of its future performance during the term of the Certificates.
Risk at maturity:
The investor bears the risk that the investor will receive an
Redemption Amount which is below the price at which the investor purchased the Certificates. The lower the Reference Price of the
Underlying and thus the Redemption Amount, the greater the loss.
- 23 -

ISIN DE000CR1FT30
Worst case: The Reference Price falls to zero which will lead to a total loss of invested capital.
Investor should note that the daily movements of the Index
Underlying will influence the level of the Index and thus the value of the Certificate. This means that, the more the price of the Index
Underlying decreases on a trading day, the lower the Index level will be on that trading day and vice versa. This influence will be increased by the multiplication by the applicable factor (leverage component).
Risks if the investor intends to sell or must sell the Certificates during their term:
Market value risk :
The achievable sale price prior to final exercise could be significantly lower than the purchase price paid by the investor.
The market value of the Certificates mainly depends on the performance of the Underlying, without reproducing it accurately. In particular, the following factors may have an adverse effect on the market price of the Certificates:
- Changes in the expected intensity of the fluctuation of the
Underlying (volatility)
- Interest rate development
Each of these factors could have an effect on its own or reinforce or cancel each other.
Trading risk :
The Issuer is neither obliged to provide purchase and sale prices for the Certificates on a continuous basis on (i) the exchanges on which the Certificates may be listed or (ii) an over the counter (OTC) basis nor to buy back any Certificates. Even if the Issuer generally provides purchase and sale prices, in the event of extraordinary market conditions or technical troubles, the sale or purchase of the
Certificates could be temporarily limited or impossible.
- 24 -

ISIN DE000CR1FT30
E.2b
Disclosure requirement
Element
Reason for the offer and use of proceeds when different from making profit and/or hedging certain risks
– not applicable –
Profit motivation the terms and conditions of the offer size of 200,000 at an initial issue price of SEK 100.00 per Certificate. is material to the issue/offer including conflicting interests
E.7 Estimated expenses charged to the investor by the issuer or the offeror exercise of rights and/or obligations of the Issuer in accordance with the Terms and Conditions of the Certificates (e.g. in connection with the determination or adaptation of parameters of the terms and conditions), which affect the amounts payable :
- performing of various functions
- execution of transactions in the Underlying
- issuance of additional derivative instruments with regard to the
Underlying
- business relationship with the issuer of one or more components of the Underlying
- possession of material (including non-public) information about the Underlying
- acting as Market Maker
The investor can usually purchase the Certificates at a fixed issue price. This fixed issue price contains all cost of the Issuer relating to the issuance and the sales of the Certificates (e.g. cost of distribution, structuring and hedging as well as the profit margin of
Commerzbank).
- 25 -

ISIN DE000CR1FT30
Sammanfattningar består av de upplysningskrav som kallas ” Punkter ”. Dessa Punkter är numrerade i
Avsnitten A–E (A.1–E.7).
Den här sammanfattningen innehåller alla Punkter som måste ingå i en sammanfattning för den här typen av värdepapper och Emittent. Det kan förekomma luckor i numreringen av Punkterna i de fall då
Punkterna inte behöver anges.
Även om det krävs information om en Punkt i sammanfattningen på grund av typen av värdepapper och Emittent kan det hända att relevant information om Punkten saknas. I så fall inkluderas en kort beskrivning av Punkten i sammanfattningen, tillsammans med angivelsen ”Ej tillämplig”. Vissa bestämmelser i sammanfattningen anges inom parentes. Sådan information kommer att kompletteras eller, om den inte är relevant, raderas i samband med olika värdepappersemissioner, och den fullständiga sammanfattningen i samband med sådan värdepappersemission bifogas de relevanta slutliga villkoren.
Punkt
A.1 Varningar
A.2
Den här sammanfattningen bör betraktas som en introduktion till grundprospektet (” Grundprospektet ”) och relevanta Slutliga Villkor.
Investerare bör basera sina beslut att investera i värdepapperen som emitteras enligt Grundprospektet (” Certifikaten ”) mot beaktande av Grundprospektet i sin helhet och de relevanta Slutliga
Villkoren.
Om ett anspråk gällande informationen i Grundprospektet skulle framställas i en domstol i en medlemsstat i Europeiska ekonomiska samarbetsområdet, EES, kan den investerare som framställer anspråket enligt den nationella lagstiftningen i medlemsstaten själv bli tvungen att svara för kostnaderna för översättningen av detta
Grundprospekt och de Slutliga Villkoren innan de rättsliga förfarandena inleds. med övriga delar i Grundprospektet ger all nödvändig nyckelinformation.
Medgivande att Emittenten beviljar härmed en finansiell mellanhand rätten att nyttja nyttja
Prospektet
Civilrättsligt ansvar gäller endast för de personer som lagt fram sammanfattningen, inklusive översättningar därav, men endast om sammanfattningen är vilseledande, felaktig eller oförenlig med de andra delarna av Grundprospektet, eller om den inte tillsammans
Grundprospektet och de Slutliga Villkoren för återförsäljning och slutlig placering av Certifikaten.
Erbjudandeperioden inom vilken finansiella mellanhänder kan genomföra återförsäljning eller slutlig placering av Certifikaten omfattar endast den tid som Grundprospektet och de Slutliga
Villkoren är giltiga i enlighet med artikel 9 i Prospektdirektivet, så som det genomförts i den relevanta Medlemsstaten.
Medgivande att nyttja Grundprospektet och de Slutliga Villkoren gäller endast i följande Medlemsstat(-er): Konungariket Sverige.
Medgivande att nyttja Grundprospektet inklusive eventuella tillägg samt eventuella motsvarande Slutliga Villkor lämnas förutsatt att (i) detta Grundprospekt och de tillhörande Slutliga Villkoren levereras till presumtiva investerare tillsammans med eventuella tillägg som
- 26 -

ISIN DE000CR1FT30 publicerats före sådan leverans och (ii) att finansiella mellanhänder vid användning av Grundprospektet och tillhörande Slutliga Villkor ser till att samtliga gällande lagar och förordningar som är i kraft i respektive jurisdiktion följs.
Om ett erbjudande lämnas av en finansiell mellanhand ska den finansiella mellanhanden tillhandahålla information till investerarna om de villkor som gäller för erbjudandet vid den tidpunkten.
- 27 -

ISIN DE000CR1FT30
av
Punkt registrerade Aktiengesellschaft (” Emittenten ”, ” Banken ” eller firma och ”, tillsammans med sina dotterföretag handelsbeteckni ng
” COMMERZBANK-koncernen ” eller ” Koncernen handelsbeteckning är COMMERZBANK.
”) och Emittentens
Emittenten har sitt säte i Frankfurt am Main och sitt huvudkontor på B.2 Säte/Bolagsform/
Lagstiftning/
Inregistrerings-
Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main,
Förbundsrepubliken Tyskland. land COMMERZBANK är ett aktiebolag bildat enligt tysk lag i
Förbundsrepubliken Tyskland.
Emittenten och nettotillgångar, finansiella ställning och rörelseresultat och det kan
Emittentens bransch antas att Koncernen även i framtiden kan drabbas av väsentliga negativa effekter, i synnerhet om kriserna åter skulle förvärras.
B.5 Organisationsstruktur
COMMERZBANK är moderbolag i COMMERZBANK-koncernen.
COMMERZBANK-koncernen äger direkt och indirekt aktier i olika företag. eller uppskattningar Emittenten gör för närvarande inga vinstprognoser eller uppskattningar. revisionsberättelsen om Rena revisionsberättelser har lämnats om den historiska finansiella den historiska informationen som innefattas i detta Grundprospekt. finansiella informationen information, emittentens koncernens balans- och resultaträkning, som hämtats från de framtidsutsikter samt väsentliga respektive 2013, som upprättats i enlighet med IFRS: förändringar i den finansiella
Balansräkning situationen
Tillgångar (MEUR)
Kassareserv................................
31 december
2012
*
15 755
31 december 2013
12 397
88 028
278 546
87 545
245 963
Banktillgodohavande ..................
Kundfordringar ............................
Värdejustering portföljsäkring av verkligt värde .......................
Positivt verkligt värde av säkringsderivat .........................
Rörelsetillgångar.........................
Finansiella investeringar .............
Innehav i företag som redovisas med kapitalandelsmetoden ..............
Immateriella tillgångar ................
Anläggningstillgångar .................
Investeringsfastigheter ...............
202 74
6 057
144 144
89 142
3 641
103 616
82 051
744 719
3 051 3 207
1 372 1 768
637 638
- 28 -

ISIN DE000CR1FT30
Anläggningstillgångar och avyttringsgrupper som innehas för försäljning ................
Aktuella skattefordringar .............
Uppskjutna skattetillgångar ........
Övriga tillgångar .........................
Summa .......................................
757
790
3 227
3 571
636 023
1 166
844
3 096
2 936
549 661
*)
Siffror omräknade på grund av att den ändrade IAS 19 tillämpades för första gången samt på grund av ändringar avseende säkringsredovisning.
Skulder och eget kapital
(MEUR)
Skulder till banker .......................
Skulder till kunder .......................
Säkerställda skulder ...................
Värdejustering portföljsäkring av verkligt värde .......................
Negativt verkligt värde av säkringsderivat .............................
Rörelseskulder............................
Avsättningar................................
Aktuella skatteskulder.................
Uppskjutna skatteskulder ...........
Skulder från avyttringsgrupper som innehas för försäljning ......
Övriga skulder ............................
Efterställt kapital .........................
Eget kapital .................................
Summa .......................................
110 242
265 905
79 357
1 467
116 111
4 099
324
91
77 694
276 486
64 670
714
71 010
3 877
245
83
2 24
6 523 6 553
13 913
26 250
13 714
26 936
636 023 549 661
*)
Siffror omräknade på grund av sammanläggning av posterna Efterställt kapital och
Hybridkapital till posten Efterställda skuldinstrument, på grund av att den ändrade
IAS 19 tillämpades för första gången samt på grund av ändringar avseende säkringsredovisning.
Resultaträkning (MEUR)
Räntenetto ...................................
Avsättningar för låneförluster.......
Räntenetto efter avsättningar för låneförluster..........................
Provisionsnetto ............................
Nettointäkter och nettoresultat av säkringsredovisning ..............
Nettointäkter från investeringar....
Aktuellt resultat från företag som redovisas med kapitalandelsmetoden................
Övrigt resultat ..............................
Rörelsekostnader.........................
Omstrukturerings-kostnader ........
Nettovinst eller nettoförlust från försäljning av avyttringsgrupper.......................
Resultat före skatt .....................
Januari -- december
2012
*
2013
6 847 6 148
-1 660
4 827
3 249
-1 747
4 401
3 215
-73 -82
81 17
46 60
-77
7 029
-89
6 797
43 493
-268 ---
859 232
Koncernens resultat ..................
56 167
*)
Siffror för föregående år omräknade på grund av att den ändrade IAS 19 tillämpades för första gången samt på grund av ändringar avseende säkringsredovisning.
- 29 -

ISIN DE000CR1FT30
Inga väsentliga negativa förändringar har ägt rum i
COMMERZBANK-koncernens framtidsutsikter sedan den
31 december 2013.
Inga negativa förändringar har ägt rum i COMMERZBANKkoncernens finansiella situation sedan den 31 december 2013.
B.13 Nyligen inträffade
Ej tillämplig händelser med Det har inte nyligen inträffat några händelser som är specifika för väsentlig emittenten i den utsträckning att de har en väsentlig inverkan på bedömningen av Emittentens solvens
B.14 Emittentens Ej tillämplig beroende av inom koncernen COMMERZBANK-koncernen.
B.15 Emittentens COMMERZBANK-koncernens aktiviteter inriktar sig på att huvudaktiviteter, tillhandahålla ett brett utbud av finansiella tjänster till privata små huvudmarknader och medelstora företag samt institutionella kunder i Tyskland, vilket
även inkluderar kontoadministration, betalningstransaktioner, utlånings-, spar- och investeringsprodukter, värdepapperstjänster samt kapitalmarknads- och investment banking-produkter och tjänster. Som en del av sin strategi att erbjuda heltäckande finansiella tjänster erbjuder Koncernen också andra finansiella tjänster tillsammans med samarbetspartners, i synnerhet byggsparlån, kapitalförvaltning och försäkring. Koncernen fortsätter att utöka sin ställning som en av de viktigaste tyska exportfinansiärerna. Utöver verksamheten i Tyskland är Koncernen
även verksam via dotterbolag, filialer och investeringar, särskilt i
Europa.
COMMERZBANK-koncernen är uppdelad i fem rörelsesegment –
Privatkunder, Mittelstandsbank, Central- och Östeuropa, Företag och Marknader samt Non Core Assets (NCA) och Övrig verksamhet och Konsolidering. Segmenten Privatkunder, Mittelstandsbank,
Central- och Östeuropa och Företag & Marknader utgör kärnbanken i COMMERZBANK-koncernen tillsammans med segmentet Övrig verksamhet och Konsolidering. parter
COMMERZBANK står inte under kontroll av något bolag eller någon person, exempelvis på grund av ett kontrollavtal, och kontrolleras inte heller av något annat bolag eller någon annan person i den mening som avses i den tyska lagen om värdepappersförvärv och uppköp ( Wertpapiererwerbs- und Übernahmegesetz ).
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ISIN DE000CR1FT30
Punkt
C.1 Värdepapperstyp och klass/ISIN
Värdepapperstyp/-form
Obegränsade certifikat som är kopplade till ett Index (” Certifikaten ” eller ” Obegränsade Indexcertifikat ”).
Certifikaten emitteras i registrerad dematerialiserad form.
Börskod: BULL USDSEK X15 C
C.2 Värdepappers SEK ”). valuta
ISIN-kod, börskod
ISIN: DE000CR1FT30 värdepapperens överlåtelsebegränsningarna, tillämplig lag samt de regler och fria
överlåtbarhet föreskrifter som gäller för Clearingsystemet.
C.8 Rättigheter Återbetalning samband med värdepapperen
(däribland värdepapperens rangordning och begränsningar i de rättigheterna)
De Obegränsade Indexcertifikaten kommer att ge investeraren rätten att på specifika Inlösendagar från Emittenten begära utbetalning av ett Inlösenbelopp per Certifikat som motsvarar
Referenspriset för det underliggande Indexet på respektive
Värderingsdag multiplicerat med Kvoten.
Emittenten äger rätt att, med verkan per en Vanlig Uppsägningsdag, att på vanligt sätt säga upp Certifikaten.
Justeringar och förtida uppsägning
Under särskilda omständigheter har Emittenten rätt att genomföra vissa justeringar. Utöver detta kan Emittenten ha rätt att säga upp
Certifikaten i förtid, om en särskild händelse inträffar.
Värdepapperens rangordning
De förpliktelser som Certifikaten ger upphov till utgör direkta och ovillkorade och ej säkerställda förpliktelser för Emittenten ( nicht dinglich besichert ) som, såvida inte annat anges i gällande lag, rangordnas minst pari passu med Emittentens andra underordnade och ej säkerställda förpliktelser ( nicht dinglich besichert ).
C.11 Upptagande Emittenten avser att ansöka om upptagande till handel av handel på en reglerad eller motsvarande
Certifikaten på de(n) reglerade marknaden i Nordic Derivatives
Exchange Stockholm från och med den 5 juni 2014. marknad
C.15 Den
Underliggande
Tillgångens inflytande på
Betalning av ett Inlösenbelopp kommer i väsentlig utsträckning att bero på Referenspriset på den Underliggande Tillgången på
Värderingsdagen. Ett högre Referenspris på Indexet på
Värderingsdagen kommer att resultera i ett motsvarande högre
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ISIN DE000CR1FT30 värdepapperens värde:
Inlösenbelopp för Certifikaten, och vice versa.
I detalj:
Inlösenbeloppet kommer att vara lika med produkten av
Referenspriset på den Underliggande Tillgången på
Värderingsdagen och Kvoten.
För beräkningar som görs i anledning av dessa Villkor, skall varje indexpunkt för den Underliggande Tillgången vara lika med
SEK 1,00.
Indexet kommer att beräknas och publiceras av Commerzbank i dess egenskap som Indexberäkningsagent. Indexet är ett strategiindex som utgörs av en hävstång och en finansieringskomponent och följer kursrörelsen i den Växelkurs som
är underliggande tillgång för Indexet.
Hävstångskomponenten i Indexet återspeglar ett köp (Basvalutan lång position och Motvalutan kort position) av en mängd av
Växelkursen som motsvarar den tillämpliga faktorn. Detta innebär på daglig basis att en ökning av Växelkursen kommer att resultera i en
ökning av hävstångskomponenten som är lika med den procentuella
ökningen av Växelkursen multiplicerat med den tillämpliga faktorn
(detsamma gäller vid en minskning av Växelkursen).
Finansieringskomponenten är ett resultat av kostnaden för upplåning av pengar i Motvalutan till dagslåneränta, ökat med en årlig räntesats (ICS) som tar hänsyn till de faktiska finansieringskostnaderna för Indexberäkningsagenten. Å andra sidan är den långa positionen i Basvalutan investerad i ett penningmarknadsinstrument. Om upplåningskostnaden plus de faktiska finansieringskostnaderna (ICS), ökat med Indexavgiften, någon dag överstiger den dagens ränteintäkt, leder det till förluster istället för räntevinster.
C.16 Förfallodag Den tionde Betalningsbankdagen efter Värderingsdagen.
C.17 Beskrivning Sålda Certifikat levereras på Betalningsdagen i enlighet med avveckling i gällande lokal marknadspraxis via Clearingsystemet. samband med värdepapperen
Betalningsagenten för överföring till Clearingsystemet eller i enlighet med Clearingsystemets instruktion för kreditering av de relevanta kontohavarna på de dagar som anges i de tillämpliga Villkoren.
Betalning till Clearingsystemet eller i enlighet med
Clearingsystemets instruktion skall befria Emittenten från dess betalningsförpliktelse under Certifikaten till det belopp med vilket betalning sker.
Om en betalning rörande ett Certifikat ska verkställas på en annan dag än på en Betalningsbankdag ska betalningen verkställas nästkommande Betalningsbankdag. I så fall ska den relevanta
Certifikatinnehaven inte ha rätt till någon betalning eller ränta eller någon annan ersättning med avseende på sådan fördröjning.
C.19 Slutligt referenspris på
Stängningskursen för Indexet fastställt och publicerat av
Indexsponsorn på en Indexberäkningsdag (Official Index Closing den
Underliggande
Level).
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ISIN DE000CR1FT30
Tillgången
Underliggande
Tillgång och detaljer, om det går att inhämta information om den
Underliggande
Tillgången
Underliggande Tillgång till Certifikaten är Indexet BULL USDSEK
X15 C Index (” Underliggande Tillgång ”).
Information om den Underliggande Tillgången finns tillgänglig på webbplatsen www.warrants.commerzbank.com.
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ISIN DE000CR1FT30
Köpet av Certifikaten är förenat med vissa risker.
Emittenten framhäver särskilt att beskrivningen av riskerna förenade med en investering i Certifikaten endast beskriver de väsentliga risker som var kända för Emittenten per dagen för Grundprospektet.
Punkt risker som är specifika för
Emittenten kreditrisk, för presumtiva investerare. En emittentrisk är risken för att
Commerzbank tillfälligt eller permanent blir oförmöget att fullgöra sina skyldigheter att betala ränta och/eller inlösenbeloppet.
Dessutom är Commerzbank utsatt för olika risker i samband med sin affärsverksamhet. Sådana risker omfattar i synnerhet följande typer av risker:
Globala finansmarknadskriser och statsskuldskriser:
De globala finansmarknadskriserna och statsskuldskriserna, i synnerhet i euroområdet, har haft en betydandet väsentligt negativ effekt på Koncernens nettotillgångar, finansiella ställning och rörelseresultat. Det kan inte garanteras att Koncernen inte kommer att drabbas av ytterligare väsentligt negativa effekter i framtiden, i synnerhet om krisen åter skulle förvärras. Skulle krisen inom
Europeiska monetära unionen eskalera ytterligare skulle det kunna innebära väsentligt negativa effekter för Koncernen, vilket, under vissa omständigheter även skulle kunna hota Koncernens existens.
Koncernen innehar en betydande volym statspapper. Nedskrivningar och omvärderingar av sådana statspapper till ett lägre verkligt värde har tidigare haft väsentligt negativa effekter på Koncernens nettotillgångar, finansiella ställning och rörelseresultat i det förflutna, och kan få ytterligare negativa effekter i framtiden.
Makroekonomisk miljö:
Den makroekonomiska miljö som rått under de senaste åren fortsätter att påverka Koncernens resultat negativt och Koncernens kraftiga beroende av det ekonomiska klimatet, i synnerhet i
Tyskland, skulle kunna resultera i ytterligare avsevärt negativa effekter i det fall den ekonomiska konjunkturen skulle vända ned igen.
Motpartsrisk:
Koncernen är exponerad för motpartsrisk (kreditrisk), bland annat beträffande stora enskilda lån och åtaganden koncentrerade till enskilda sektorer – så kallad klusterrisk – samt beträffande lån till gäldenärer som kan påverkas särskilt av statsskuldskrisen.
Stängningen av fartygfinansieringsportföljen och portföljen för finansiering av kommersiella fastigheter är exponerad mot avsevärda risker i ljuset av den rådande svåra marknadsmiljön och volatiliteten i skepps- och fastighetspriser samt motpartisrisken
(kreditrisken) som påverkas därav, liksom risken av betydande förändringar i värdet på skepp som utgör säkerhet samt direkt ägda fastigheter och privata och kommersiella fastigheter som utgör säkerhet. Koncernen har i sin portfölj ett stort antal nödlidande lån, och det kan hända att utebliven betalning på dessa lån inte är fullt täckt av säkerheter eller av tidigare gjorda nedskrivningar och avsättningar.
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ISIN DE000CR1FT30
Marknadsprisrisker:
Koncernen är utsatt för marknadsprisrisker i värderingen av aktier och andelar i investeringsfonder, samt för ränterisker, kreditspridningsrisker, valutarisker, volatilitets- och korrelationsrisker samt råvaruprisrisker.
Strategiska risker:
Det finns en risk för att Koncernen inte kommer att kunna genomföra sina strategiska planer eller endast kommer kunna göra det till viss del eller till högre kostnader än planerat, och att genomförandet av de planerade åtgärderna kanske inte kommer att leda till att de eftersträvade strategiska målen uppnås.
Risker från konkurrensmiljön:
De marknader inom vilka Koncernen är aktiv, i synnerhet den tyska marknaden (och i synnerhet affärer vad gäller privat- och företagskunder samt investment banking -verksamhet) och den polska marknaden, är karaktäriserade av intensiv konkurrens vad gäller pris och transaktionsvillkor vilket resulterar i avsevärd press på marginalerna.
Likviditetsrisker:
Koncernen är beroende av regelbunden tillförsel av likviditet och en marknadsomfattande eller företagsspecifik likviditetsbrist kan få väsentliga negativa effekter på Koncernens nettotillgångar, finansiella ställning och rörelseresultat. För närvarande är bankers och andra finansmarknadsaktörers tillgång till likviditet starkt beroende av centralbankernas expansiva åtgärder.
Operationella risker:
Koncernen är utsatt för ett stort antal operationella risker, däribland risken för att medarbetarna utsätter Koncernen för omfattande risker på Koncernens bekostnad eller bryter mot lagstiftning relevant för regelefterlevnad under sina affärsaktiviteter och därigenom orsakar en plötslig uppkomst av avsevärda förluster vilka också indirekt skulle kunna leda till en ökning av kapitalkrav genom statlig reglering.
Risker från aktiepositioner:
COMMZERBANK är utsatt för särskilda risker när det gäller värdet och förvaltningen av investeringar i noterade och icke-noterade företag. Det är möjligt att den goodwill som redovisas i Koncernens balansräkning helt eller delvis måste skrivas ned som ett resultat av nedskrivningstester.
Risker från bankspecifik lagstiftning:
Allt strängare krav avseende kapital och likviditet samt processuella krav och rapporteringskrav kan leda till att affärsmodellen i ett antal av Koncernens verksamheter ifrågasätts och kan få en negativ effekt på Koncernens konkurrensställning eller göra anskaffandet av ytterligare aktiekapital nödvändigt. Andra lagreformer som föreslås i kölvattnet efter finanskrisen, till exempel avgifter som bankskatt eller en möjlig skatt på finansiella transaktioner, separationen av handel för egen räkning ( proprietary trading ) från placeringsverksamheten
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ISIN DE000CR1FT30
D.6 Viktig information om de nyckelrisker som är specifika för värdepapperen eller strängare upplysnings- eller organisationskrav, skulle väsentligen kunna påverka koncernens affärmodell och konkurrensmiljö.
Juridiska risker:
Tvister kan uppkomma inom COMMERZBANKs affärsverksamhet och deras utfall går inte att förutspå vilket medför risk för Koncernen.
Exempelvis har skadeståndsanspråk på grund av bristfälliga investeringsråd lett till betydande ansvar för Koncernen och kan komma att leda till ytterligare betydande ansvar för Koncernen i framtiden. Betalnings- och ersättningsanspråk har riktats mot
COMMERZBANK och dess dotterbolag, i vissa fall i domstol, i samband med vinstutdelningscertifikat och s.k. trust preferred securities som Koncernen emitterat. Resultaten av rättsprocesserna kan få väsentligt negativa effekter på Koncernen, utöver de anspråk som framställs i respektive fall. Regulatoriska processer, tillsynsprocesser och rättsliga förfaranden kan få en väsentlig negativ effekt på Koncernen. Rättsprocesser som inleds av lagstiftare, tillsynsmyndigheter och åklagare kan få en väsentlig negativ effekt på Koncernen.
Ingen sekundärmarknad omedelbart före det slutliga utövandet
Marknadsgarantens och/eller börsens handel med Certifikaten kommer senast att upphöra strax före Certifikatens Förfallodag.
Dock kan, mellan den sista handelsdagen och Värderingsdagen, priset på den Underliggande Tillgången, som är relevanta för
Certifikaten, fortfarande ändras. Detta kan vara till investerarens nackdel.
Ingen säkerhet
Certifikaten är ovillkorade förpliktelser för Emittenten. De garanteras varken av den Tyska Bankföreningens Insättningsgarantinämnd
( Einlagensicherungsfonds des Bundesverbandes deutscher Banken e.V.
) eller av den tyska lagen om insättningsgaranti och investerarskydd ( Einlagensicherungs- und
Anlegerentschädigungsgesetz ). Det betyder att investerarna bär risken för att Emittenten inte kan fullgöra sina skyldigheter enligt
Certifikaten, eller endast kan fullgöra dem delvis. Under dessa omständigheter är det möjligt att investeraren förlorar hela sitt kapital.
Det betyder att investeraren bär risken för att Emittentens finansiella situation kan komma att förvärras och att Emittenten därför blir föremål för ett omstruktureringsförfarande
( Reorganisationsverfahren ) eller ett överlåtelseförfarande
( Übertragungsanordnung ) enligt den tyska omstruktureringslagen eller att insolvensförfaranden kan komma att inledas avseende
Emittentens tillgångar – och leda till att Emittenten inte kan göra några utbetalningar enligt Certifikaten, eller endast göra vissa utbetalningar. Under dessa omständigheter är det möjligt att investeraren förlorar hela sitt kapital.
Krav på utländsk källskatt kan påverka utbetalningar på Certifikaten
Emittenten och andra finansiella institutioner som gör utbetalningar på Certifikaten kan tvingas innehålla en källskatt på upp till 30 procent på betalningar gjorda efter den 31 december 2016 avseende Certifikat som emitteras eller ändras väsentligt efter den
31 december 2013, i enlighet med Section 1471 till 1474 i U.S.
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ISIN DE000CR1FT30
Internal Revenue Code, oftast kallad ” FATCA ” (Foreign Account Tax
Compliance Act). Det kan också finnas källskattekrav – oavsett emissionsdatum – om Certifikaten är att betrakta som aktieinstrument enligt skattelagstiftningen i USA. FATCAlagstiftningen ovan är ännu inte slutgiltig. Investerare i Certifikaten bör därför vara medvetna om det faktum att betalningar enligt
Certifikaten i vissa fall kan omfattas av källskatt i USA, vilket skulle kunna minska Certifikatens ekonomiska resultat.
Effekter av en nedgradering av kreditvärdigheten
Värdet på Certifikaten kan påverkas av det kreditbetyg som kreditvärderingsföretag ger Emittenten. En eventuell nedgradering av Emittentens kreditvärdighet av endast ett av dessa kreditvärderingsföretag skulle kunna resultera i att Certifikaten minskar i värde.
Uppsägning, förtida inlösen och justeringsrättigheter
Emittenten har rätt att utföra justeringar i Villkoren eller säga upp och lösa in Certifikaten i förtid om vissa villkor är uppfyllda. Detta kan få negativa effekter på Certifikatens värde samt
Uppsägningsbeloppet. Om Certifikaten sägs upp kan det belopp som ska utbetalas till Certifikatinnehavarna i händelse av en uppsägning av Certifikaten bli lägre än det belopp som
Certifikatinnehavarna skulle ha erhållit utan uppsägningen
Marknadsstörande händelse
Emittenten har rätt att fastställa marknadsstörande eller andra händelser som kan leda till att både beräkningar och/eller betalningar enligt Certifikaten skjuts upp, vilket kan påverka
Certifikatens värde. Dessutom kan Emittenten, i vissa fall, uppskatta vissa relevanta priser när det gäller att nå eller passera gränser.
Dessa uppskattningar kan avvika från det verkliga värdet.
Byte av Emittent
Om de gällande Villkoren är uppfyllda har Emittenten rätt att när som helst och utan medgivande från innehavarna av Certifikaten i sitt ställe utse ett annat företag som ny Emittent, och överlåta alla förpliktelser med anknytning till Certifikaten. I så fall får innehavaren av Certifikaten i allmänhet också ta den insolvensrisk som förknippas med den nya Emittenten.
Riskfaktorer som förknippas med de Underliggande Tillgångarna
Certifikaten är beroende av värdet på den Underliggande Tillgången och den risk som förknippas med den Underliggande Tillgången.
Värdet av den Underliggande Tillgången beror på många faktorer
(särskilt prisrörelser på Indexets Underliggande Tillgång, dvs. Aktie,
Terminskontrakt eller Växelkurs) som kan höra ihop. Det kan röra sig om ekonomiska, finansiella och politiska händelser som ligger utanför Emittentens kontroll. Avkastningen på en Underliggande
Tillgång eller en indexkomponent kan inte betraktas som en indikation på framtida avkastning under Certifikatens löptid.
Risk vid förfall
Investeraren bär risken för att investeraren mottar ett Inlösenbelopp som understiger det pris för vilket investeraren köpte Certifikaten. Ju lägre Referenspriset för den Underliggande Tillgången och
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ISIN DE000CR1FT30 följaktligen Inlösenbeloppet är, desto större är förlusten. I värsta fall:
Referenspriset minskar till noll vilket leder till en total förlust av det investerade kapitalet.
Investerare skall beakta att de dagliga rörelserna i Indexets
Underliggande Tillgång kommer att påverka kursen på Indexet och följaktligen värdet på Certifikatet. Detta innebär att ju mer priset på
Indexets Underliggande Tillgång minskar under en handelsdag, desto lägre blir Indexkursen den handelsdagen, och vice versa.
Denna påverkan ökas av multiplikationen med den tillämpliga faktorn (hävstångskomponenten).
Risker om investeraren avser eller måste sälja Certifikaten under deras löptid:
Marknadsvärderisk:
Det försäljningspris som går att uppnå före Förfallodagen kan vara väsentligt lägre än det inköpspris som investeraren betalat.
Certifikatens marknadsvärde beror huvudsakligen på den
Underliggande Tillgångens utveckling, utan att exakt återge den. I synnerhet kan nedanstående faktorer få en väsentlig inverkan på
Certifikatens marknadsvärde:
- Förändringar i den förväntade intensiteten i fluktuationerna för den Underliggande Tillgången
(volatilitet)
- Ränteutveckling
Var och en av dessa faktorer kan påverka i sig, eller förstärka eller motverka varandra.
Handelsrisk:
Emittenten är inte skyldig att fortlöpande tillhandahålla köp- och säljkurser för Certifikaten på (i) de börser där Certifikaten är noterade eller på (ii) OTC-basis (over the counter), eller att köpa tillbaka Certifikat. Även om Emittenten normalt tillhandahåller köp- och säljkurser kan köp och försäljning av Certifikaten, under extraordinära marknadsvillkor eller vid tekniska problem, tillfälligt begränsas eller omöjliggöras.
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ISIN DE000CR1FT30
Punkt erbjudandet och användningen av de medel det förväntas tillföra, om det inte avser lönsamhet eller skydd mot vissa risker
Ej tillämplig
Vinstmotivering erbjudandets former och villkor emissionsstorlek av 200.000 till en inledande emissionskurs om
SEK 100,00 per Certifikat.
E.4 Eventuella Nedanstående intressekonflikter kan uppstå i samband med att intressen som har betydelse för emissionen/erbju
Emittenten utövar sina rättigheter och/eller skyldigheter i enlighet med Villkoren för Certifikaten (t.ex. i samband med fastställande eller anpassning av parametrar i villkoren), som kan påverka de dandet, inbegripet intressekonflikte r
-
- utbetalningsbara beloppen: utförande av olika funktioner
-
- genomförande av transaktioner i den Underliggande
Tillgången emission av ytterligare derivatinstrument med koppling till den Underliggande Tillgången affärsförhållanden med emittenten av en eller fler av den
Underliggande Tillgångens komponenter kan åläggas investeraren av emittenten eller erbjudaren
Frankfurt am Main, 5 June 2014
- innehav av väsentlig (däribland icke-offentlig) information om den Underliggande Tillgången
- rollen som Marknadsgarant
E.7 Beräknade Investeraren kan normalt köpa Certifikaten till en fast emissionskurs. kostnader som Den fasta emissionskursen innefattar alla kostnader som Emittenten har i samband med emissionen och försäljningen av Certifikaten
(t.ex. för distribution, strukturering och säkring samt en vinstmarginal för Commerzbank).
AKTIENGESELLSCHAFT
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